[Economic Indicators November, 2008]
[Page Number 27]
[From the U.S. Government Publishing Office, www.gpo.gov]


AGGREGATE RESERVES AND MONETARY BASE

                                                [Averages of daily figures \1\; millions of dollars; seasonally adjusted, except as noted by NSA]
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                                                                 Adjusted for changes in reserve requirements                          Borrowings from the Federal Reserve (NSA)
                                                       -----------------------------------------------------------------------------------------------------------------------------------------
                                                               Reserves of depository institutions                                                Other borrowings from the Federal Reserve
                                                       ---------------------------------------------------                                 -----------------------------------------------------
                                                                                                                                                                    Asset-
                                                                                                                                                                    backed     Credit
                                                                                                                                                        Primary   commerical  extended
                        Period                                                                              Monetary                Term                dealer       paper        to
                                                                                                 Excess       base     Total \4\   auction             and other     money    American   Adjust-
                                                        Total \2\  Nonborrowed \3\   Required     (NSA)                            credit    Primary    broker-     market      Inter-  ment \6\
                                                                                                                                                        dealer      mutual    national
                                                                                                                                                      credit \5\     fund       Group,
                                                                                                                                                                   liquidity    Inc.
                                                                                                                                                                   facility
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1998:Dec .............................................     45,170         45,053       43,658      1,512      513,921        117  ........  ........  ..........  ..........  ........       101
1999:Dec .............................................     42,183         41,862       40,889      1,294      593,846        320  ........  ........  ..........  ..........  ........       179
2000:Dec .............................................     38,716         38,507       37,391      1,325      584,929        210  ........  ........  ..........  ..........  ........        99
2001:Dec .............................................     41,443         41,376       39,799      1,643      635,601         67  ........  ........  ..........  ..........  ........        34
2002:Dec .............................................     40,400         40,320       38,392      2,008      681,656         80  ........  ........  ..........  ..........  ........        35
2003:Dec .............................................     42,757         42,711       41,710      1,047      720,474         46  ........        17  ..........  ..........  ........  ........
2004:Dec .............................................     46,552         46,489       44,643      1,909      759,173         63  ........        11  ..........  ..........  ........  ........
2005:Dec .............................................     45,138         44,970       43,238      1,900      787,303        169  ........        97  ..........  ..........  ........  ........
2006:Dec .............................................     43,338         43,147       41,475      1,863      811,730        191  ........       111  ..........  ..........  ........  ........
2007:Dec r............................................     42,675         27,244       40,905      1,770      823,348     15,430    11,613     3,787  ..........  ..........  ........  ........
 
2007:Nov .............................................     42,623         42,258       40,927      1,696      825,422        366  ........       315  ..........  ..........  ........  ........
      Dec r...........................................     42,675         27,244       40,905      1,770      823,348     15,430    11,613     3,787  ..........  ..........  ........  ........
 
2008:Jan .............................................     42,149         -3,510       40,509      1,640      821,406     45,660    44,516     1,137  ..........  ..........  ........  ........
      Feb ............................................     42,804        -17,353       41,080      1,724      822,560     60,157    60,000       155  ..........  ..........  ........  ........
      Mar ............................................     44,292        -50,232       41,313      2,978      826,994     94,523    75,484     1,617     16,168   ..........  ........  ........
      Apr ............................................     43,563        -91,847       41,719      1,844      824,408    135,410   100,000     9,624     25,764   ..........  ........  ........
      May ............................................     44,133       -111,648       42,122      2,011      826,461    155,780   127,419    14,076     14,238   ..........  ........  ........
      June ...........................................     43,373       -127,905       41,100      2,272      832,528    171,278   150,000    14,225      6,908   ..........  ........  ........
      July ...........................................     43,348       -122,316       41,371      1,977      838,142    165,664   150,000    15,204        255   ..........  ........  ........
      Aug r...........................................     44,586       -123,492       42,599      1,988      841,709    168,078   150,000    17,980          0   ..........  ........  ........
      Sept r..........................................    102,800       -187,306       42,749     60,051      903,524    290,105   149,814    32,632     53,473      31,877     22,187  ........
      Oct r...........................................    315,525       -332,795       47,619    267,906    1,128,479    648,319   244,778    94,017    114,953     117,457     77,047  ........
      Nov p...........................................    609,952        -88,834       50,904    559,048    1,433,092    698,786   393,088    95,839     60,655      71,009     78,070  ........
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    \1\ Data are prorated averages 
of biweekly (maintenance period) 
averages of daily figures.
    Reserves and monetary base 
incorporate adjustments for 
discontinuities, or ``breaks,'' 
associated with changes in reserve 
requirements.
    \2\ Seasonally adjusted break-
adjusted required reserves plus 
unadjusted excess reserves.
    \3\ Seasonally adjusted break-
adjusted total reserves less 
unadjusted total borrowings of 
depository institutions from the 
Federal Reserve.
    \4\ Includes secondary and 
seasonal, and other credit 
extensions, not shown separately.
    \5\ Includes credit extended 
through the Primary Dealer Credit 
Facility and credit extended to 
other broker-dealers.
    \6\ Discontinued after January 
8, 2003.
    Source: Board of Governors of 
the Federal Reserve System.